The Noose: Maid Training School

Michelle Chong is really good ...



Post Date: 20 Oct 08

空虚

今天是农历九月十九, 纪念观世音菩萨成道日.

早上到四马路走了一趟. 拜拜之后, 原本还想跟菩萨求支签, 想问问为什么迟迟没有宝宝的音讯. 可惜的是, 今天没有支签服务.

庙里庙外, 人群很多,但视线很模糊. 是睡眠不足, 还是对周围的一切完全没兴趣?

近期还真的有很多东西烦 - 工作, baby, 投资... 看到人家买车买楼, 感到很自卑, 总觉得自己比不上别人, 因为自己做的, 不比别人多, 比别人好. 真的很难受, 也很空虚. 为了这些红尘事而烦, 显得很肤浅, 但毕竟我还是凡夫俗子.

老婆相反的, 对这些不以为然. 或许, 这就是我需要的, 那股平衡的力量吧.

嗨 ...



Image credit here.

Post Date: 17 Oct 08

Another month, another test marked in red

It's like at night, when you can't get to sleep. The later it gets, the more you worry. And the more you worry, the harder it is to fall asleep.

Very soon, I'll need to dig right inside to conjure up the optimism and belief.

Also, it has been happening with increasing frequency, this lack of a good night's sleep ...



Image credit here.

Post Date: 17 Oct 08

What a LOVELY day!

This is turning out to be such a WONDERFUL day!

Not only is arse luck rearing its pretty head, this is also the day I found out a friend just sold his condo FOR A PROFIT and has moved into his new condo in the west.

And when did I hear this? Right after worrying if my job will still be there and wondering if I should take the property agent course as a backup, and contemplating selling the car to buy a cheaper one so as to lower the monthly instalments.

I can't breathe now, and need to sit down ...



Post Date: 14 Oct 08

If this is not arse luck, then what is??

Receipt of document regarding rights issue: 3 Oct 08
Rights price: 75 cents
Share price: no movement (last done at 84.5 cents long ago)

From 5 - 12 Oct, tried to apply at ATM but either forgot or no ATM.
Share price: still no movement

Finally, today, remembered and found ATM. Happily punched it entitlement of 1 lot, and applied for 2 excess lots. Damage is $2252, including $2 admin fee.

And guess what? The share price finally moved - DOWN! It gapped down to 67.5 cents.

And this is the day STI closed up 128.02 points ! Immediately paper loss $225.

CCB.



Post Date: 14 Oct 08

BankWest in A$2.1b takeover bid from CBA

The West Australian article here.



Premier told BankWest jobs to stay in WA

8th October 2008, 17:30 WST

Premier Colin Barnett said today he had been reassured BankWest staff levels across WA would not be affected by the proposed $2.1 billion takeover bid by Commonwealth Bank.

In a media statement, Mr Barnett said he had spoken with Commonwealth Bank chief executive officer Ralph Norris, who had given a commitment regarding staffing levels and an assurance that BankWest would continue to operate independently of the Commonwealth Bank, with its headquarters to remain in WA.

Mr Barnett said the commitments would give BankWest greater strength and return the bank to Australian ownership.

He said any questions relating to competition would be addressed by the Australian Competition and Consumer Commission when assessing the purchase proposal.

Mr Norris this morning announced plans to buy BankWest and St Andrew’s Australia from their UK based parent HBOS provided the proposal passes all competition, regulatory and government approvals.

He said BankWest was a quality asset which had been made available on attractive terms, from troubled UK mortgage giant HBOS.

“BankWest provides a significant opportunity to further develop the group’s business in the fast growing WA market,” he said in an announcement this morning.

“It complements our existing operations and will deliver additional growth opportunities in key market segments, as well as enhanced product and service delivery opportunities for customers.”

Despite Mr Barnett’s comments, the Financial Sector Union has warned that WA jobs were likely to be the first to go if Bankwest was taken over by Commonwealth Bank.

The Bank of Western Australia Act 1995 stipulates BankWest’s head office, managing director and core functions must remain in WA.

The company, founded as Agricultural Bank of Western Australia, will be only a drop in the ocean for Commonwealth Bank’s overall market capitalisation – with the $2.1 billion purchase price not requiring the approval of CBA shareholders.

According to the Australian Prudential Regulation Authority, BankWest holds 4 per cent of Australia’s total lending market share and 4 per cent of all home loans, dwarfed by CBA’s 21 per cent and 20 per cent stakes respectively.

CBA holds $365 billion in loans and advances, $262 billion in customer deposits and $185 million in funds under administration – dwarfing Bankwest’s $55 billion in loans, $37 billion in deposits and $2 billion under administration.

Commonwealth also has 10 million customers to BankWest’s 900,000, and employs 39,600 people – leading to speculation that the jobs of BankWest’s 5,000 employees may be under threat.

While CBA has committed to retaining the BankWest brand in WA, an investor pack released by the bank this morning says it plans to streamline administrative functions, systems and processes of the banks where synergies exist.

CBA will also review BankWest’s recent east coast retail expansion strategy, and look to integrate the St Andrew’s Australia insurance and investments arm into its insurance operations.

BankWest is a market leader in WA, with its 100 branches across the state dwarfing CBA’s 77, ANZ’s 81 and National Australia Bank’s 72.

Only the combined operations of Westpac and St George Bank had more, at 107.

BankWest also has more Automatic Teller Machines in the State – 366 to CBA’s 275 – and 28 business centres to CBA’s 10.

PERTH
JAYNE RICKARD AND ANDREW HOBBS



Image credit here.

Post Date: 8 Oct 08

RBA cuts official interest rates by a full percentage point

The West Australian article here.



Market stunned by massive rate cut

7th October 2008, 11:30 WST

The Reserve Bank has cut official interest rates by a full percentage point, stunning economists and financial markets.

In its first full percentage point cut in rates since May 1992, bank governor Glenn Stevens said conditions in international financial markets had taken a “significant turn for the worse” through September.

The move takes rates to six per cent, the lowest since November 2006.

Mr Stevens said the slowdown in the global economy meant the inflation risk was abating.

The bank had to make monetary policy much easier in such conditions.

“The recent deterioration in prospects for global growth, together with much more difficult market conditions even for creditworthy borrowers, now present the risk that demand and output could be significantly weaker than earlier expected. Should that occur, inflation would most likely fall faster than earlier forecast,” he said.

“Given that background, the Board judged that a material change to the balance of risks surrounding the outlook had occurred, requiring a significantly less restrictive stance of monetary policy.”

In an admission of the concerns that banks may not be able to pass on all cuts in rates, Mr Stevens said the board realised the tougher conditions facing commercial banks.

“The board also took careful note of movements in funding costs in wholesale markets. Having weighed these considerations, the board decided that, on this occasion, an unusually large movement in the cash rate was appropriate in order to bring about a significant reduction in costs to borrowers,” he said.

The unexpected move - markets had expected a half percentage cut - generated a huge spike on the Australian stock market which had been in negative territory before the announcement.

Macquarie Bank interest rate specialist Rory Robertson said the Reserve would aggressively cut interest rates in coming months to avoid sending Australia into recession.

“RBA policymakers now will do what they can to avoid excessive rises in unemployment,” he said.

“That means managing key lending rates lower, with some urgency. And not worrying too much about the recent weakness of the Australian dollar, which may or may not be sustained; if it is, recession will be easier to avoid.”

SHANE WRIGHT
ECONOMICS EDITOR



Post Date: 8 Oct 08

BT: Tough going for Singapore bourse

BT article here.

Published October 7, 2008

TOUGH GOING FOR SINGAPORE BOURSE

SINGAPORE shares crashed yesterday, in line with global markets, and more pain appears in store for investors, notwithstanding the odd technical rebound or two.

The economic slowdown and a weakening Singapore dollar look set to serve up a double whammy for Singapore stocks. The strongest official warning so far that the Singapore economy is headed for tough times came over the weekend, when Finance Minister Tharman Shanmugaratnam said that the economy is expected to slow, not just one or two quarters, but for several quarters as the sub-prime meltdown evolves into an economic crisis.

This sets the stage for two major and potentially market-moving announcements this week. On Friday, the government will announce flash GDP estimates for the third quarter. Many private sector economists are expecting a technical recession (two consecutive quarters of GDP declines) starting in the third quarter, and some are warning of a full-blown recession ahead, with year-on-year quarterly contractions.

With economists slashing their estimates of Singapore's 2008 growth to well below 4 per cent, all eyes are now on the government cutting its full-year economic growth forecast of 4-5 per cent.

Yesterday's sharp drop in stock prices is one indication that the market is starting to price in a prolonged economic slowdown, and further downgrades are likely. Corporate profits will increasingly be at risk.

The Q3 reporting season, which will begin shortly, will provide the first hint of the expected deterioration in earnings, although easing fuel and commodities prices may provide some relief.

The Q3 GDP flash estimates will also provide a backdrop for another key announcement on the same day - the Monetary Authority of Singapore's (MAS) twice-yearly policy statement. With growth replacing inflation as the main concern, the MAS is expected to signal a slower pace of appreciation for the Singapore dollar against its major counterparts.

The weakening of the Sing dollar will aid the competitiveness of Singapore exporters and help cushion the blow of slowing demand in key markets. It will also be welcomed by local companies which have seen their overseas earnings pared down by conversion losses when the Sing dollar was gaining.

But the weakening Sing dollar could be negative for stocks. When the Sing dollar appreciation story was in play over the last one year or so, there were significant foreign capital inflows into the Singapore economy. A lot of the inflows found their way into local stocks, as foreign investors anticipated currency as well as capital gains.

Now, with the expected Sing dollar weakening, the reverse will be true, leaving the stock market facing the prospects of capital outflows. So it could be some tough months ahead for the Singapore stock market as well.



Image credit here.

Post Date: 7 Oct 08

STI - 6 Oct 2008

**Update**
The STI actually ended 128.80 points (5.6%) lower at 2,168.32 points.

Post Date: 7 Oct 2008